International Financial Services Centres Authority

On 6-6-2024, the International Financial Services Centres Authority notified the International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024. The provisions came into force on 6-6-2024.

Key Points:

  1. These Regulations aim to put the regulatory framework relating to development, registration and operations of Book-keeping, Accounting, Taxation and Financial Crime Compliance Services from International Financial Services Centres (‘IFSC’).

  2. BATF Service Provider means any entity registered under these Regulations to undertake the following:

    • Book-keeping services;

    • Accounting services;

    • Taxation services;

    • Financial crime compliance services.

  3. Registration of BATF

    • Only an Ancillary Service Provider (‘ASP’) can provide BATF Services in an IFSC without obtaining certificate of registration from the Authority.

    • ASP who intends to provide BATF services will have to communicate its willingness to operate under these Regulations within 60 days from the date 6-6-2024.

    • ASP will also have to ensure compliance of the safeguarding conditions.

  4. Safeguarding conditions:

    • Applicant will ensure that the business is not set up either by:

      • Splitting up an already existing business;

      • Reconstructing of an already existing business;

      • Reorganizing an already existing business.

    • BATF should not provide services by way of transferring or receiving of existing contracts or work arrangements from their Group Entities in India.

  5. The Principal Officer, designated by the BATF Service Provider, will be responsible for overall activities in IFSC.

  6. A Compliance Officer will be designated by the BATF Service Provider who will be responsible for reporting to the Board of Directors or head of the organization.

  7. BATF Service Provider can carry out its operation in any Specified Foreign Currency. It will also be permitted to have an INR account to defray their administrative and statutory expenses.

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